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On Thursday, the evergreen buck consolidated in Asia having recovered from a brief spill overnight when financial markets were puzzled by mixed messages on policy from the US major financial institution.
Trading ranges turned out to be tight once again, with both China and Japan on holiday and also a bit in the way of key economic reports in the diary.
The major US currency had taken an initial knock from a shockingly steep rebound in the ISM index of manufacturing to about 52.8 that overshadowed a firm ADP report on hiring.
It headed south further when the major US bank had its inflation outlook downgraded and also made a technical cut to rates on excess reserves.
However, it changed when Fed Chair Jerome Powell told that the factors influencing inflation might be transitory and he didn’t see any case for a rate move in any direction.
The net outcome was a rebound in the USD index versus a group of currencies, leaving it at 97.606 in contrast with Wednesday’s minimum of 97.149.
The common currency showed $1.1207, having hit $1.1265 overnight. Meanwhile, the evergreen buck stabilized at 111.54 yen from a minimum of 111.03.
As for bonds, they see-sawed with the two-year gain first decreasing to a one-month dip of 2.206%, concluding Wednesday’s trading marathon just 4 basis points higher reaching 2.31%.
The UK pound happened to be one of the few currencies to buck the evergreen buck, hitting a two-week maximum on Wednesday on rumors that Brexit negotiations between the UK cabinet and the key opposition party were demonstrating some progress.
Eventually, the UK currency was last at $1.3054, having hit $1.3101 overnight.
Last week several important economic updates influenced the Forex market. US preliminary GDP fell less than expected (0.6% actual vs. 0.7% forecast). Below you will find the key events to trade on during the week from August 29 to September 2.
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Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.
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